The Economic Problem 2

Activity

The Economic Problem 2

Defi ne the term ‘scarcity’.1. Read the information on the previous page then complete the questions.This is a Ready-Ed Publications' _________________________________________________________________________ _________________________________________________________________________ book preview. 2. After studying the illustration below and referring to the information on the previous page, describe ‘the economic problem’. _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ Recall a time when you were forced to decide between satisfying competing personal

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food clothing shelter security comfort medicine jewellery aff ection transportation good health children variety in diet knowledge convenience recognition travel wisdom recreation control respect entertainment love

Virtually Unlimited Human Wants

land labor capital entrepreneurship

Limited Resources And Time

3.

wants. Explain why you made the choice that you did.

_________________________________________________________________________ 4. Explain why you think that it is diffi cult for governments to make decisions about which community wants to satisfy.

_________________________________________________________________________ 5. Explain what it means to use resources in a sustainable way.